Kat Geralis Home Team Wilmington DE Real Estate News

If you're a first-time homebuyer, the necessary steps to purchase a home in Wilmington or Newark may not be entirely familiar. Before you become a homeowner, there are a few financial decisions you should make to help ensure your success of getting a mortgage and affording your first home. For instance, creating a budget and trimming the excess expenses. Here are a few to-do's to take on this summer, future homebuyers— you'll be happy you did when the time comes to close on your dream home.

Start Saving
Saving for your future home should be on every Wilmington homebuyer's mind, especially if you plan to include a significant down payment. As a homebuyer, you should first take care of any debts owed and improving your credit score before you take on building your homeowner's fund. However, if you've already completed these financial tasks, try to build up your savings to cover at least six months of living expenses. Homeowners are often faced with unexpected costs, like a water heater that needs repairing. This savings will come in handy as you transition into your new role and assume the added responsibility that comes with your home.

Steady Your Income
Potential homebuyers should be sure they have a steady income before buying a home in Wilmington or Newark. Use a mortgage calculator to factor in your income to homeowner's expenses, including utilities, taxes and insurance. If the numbers don't fit in your comfort zone just yet, keep saving and bolstering your income. A mortgage is a long-term financial commitment and you should only purchase Wilmington real estate when you're certain your financial situation will allow for the payments.

Improve Your Credit Score
As I mentioned above, paying your debts and improving your credit score is an important task to complete before purchasing a home in Delaware. When you apply for a mortgage, a lender will examine both your income and credit score. Research your score before you apply for a mortgage as this is a major factor in deterring your rate and whether or not you even qualify.

Stick to Your Budget
Have you created a budget? Go over your finances and determine where your money goes each month— write down each amount and create categories for purchases and expenses. Next, come up with a budget that allows you to trim the financial excess and try sticking to it for a few months. If you can comfortably follow a budget, it may be a sign you're ready to buy a home.

Buying a home in Wilmington or Newark is a big step, especially if this is your first-time purchasing Delaware real estate. The Kat Geralis Home Team can help you with preparations and provide information on the current market where you live. Contact us today to get started on your journey to becoming a homeowner in Wilmington or Newark!

And remember, we also offer FREE first-time homebuyer seminars to help!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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Summer is the time to get outdoors, explore your Delaware community, slow down and visit the attractions— everything Wilmington and Newark have to offer. From spending a weekend on the Riverfront to catching a baseball game, this season will be filled with great events and something for the whole family to enjoy. This Father's Day weekend is no exception! Dad will love to catch a baseball game or take in an exhibit at the local museum, so mark these on your calendar. Below are 4 must-see events to attend with Dad this Father's Day:

Just for Dad 
Friday, June 13, 2014 through Sunday, June 15
10 AM to 3 PM
Delaware Children's Museum
Wilmington, DE

Admission to this Father's Day event is free (with general admission), held at the Delaware Children's Museum this Friday through Sunday. This is a great opportunity for kids to bring Dad out for a day of fun and create a special, one-of-a-kind Father's Day card for him. A chance to celebrate Dad and bonus, enjoy the rest of the museum this weekend!

Retro*Active Performance Art from 1964-1987
Saturday, June 14, 2014; 10 AM to 4 PM
Delaware Art Museum
Wilmington, DE

Performance art was made popular in the mid 1960's and has grown over the past few decades to include music, theater, technology, dance and most importantly, audience participation. This is an interactive event that goes hand-in-hand with the Museum's "Performance Now" showing. This historical view of performance art will be available nearly all day Saturday and involves artists like Chris Burden, Dan Graham, Joan Jonas, Paul McCarthy, Yoko Ono, and Carolee Schneemann to really showcase the movement.

Little Shop of Horrors
Friday, June 13, 2014; 8 PM to 10 PM
Wilmington Drama League
Wilmington, DE

Kick off Father's Day weekend early with a performance of Little Shop of Horrors by the Wilmington Drama League. The showing includes three musical female narrators, star-crossed lovers, and a crazy florist for one fun-filled evening. Little Shop of Horrors put on by this great local group is just the entertainment you need to segue into a relaxing weekend.

Blue Rocks vs. Carolina Mudcats
Saturday, June 14, 2014; 7:05 PM to 9:05 PM
Frawley Stadium
Wilmington, DE

What better way to spend a Dad-dedicated weekend than at a baseball game? And the local Wilmington Blue Rocks at that. Saturday is part of the "Dog Days of Summer" series, so you can bring your pup along too! Not to mention the first 1,000 fans will snag a dog-themed giveaway prize from Concord Pet Food and Purina. Baseball, pets and a night under the lights— Dad will love it!

The Kat Geralis Home Team is always here to help you learn more about the Wilmington and Newark areas, from recommendations to local happenings to buying and selling homes. Questions? We'd be happy to hear from you!
 

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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The home search is only the beginning, it's also the most important aspect of your Wilmington real estate journey. It all starts with getting a feel for price ranges and what's available in your desired neighborhoods of Newark and Wilmington, then moving on to what you like and desire in a home and finally, touring those homes to find your best fit. With these home search tips, you'll be well on your way to finding a new home this summer. First-time homebuyer? No problem! We even offer FREE first-time buyer seminars to help!

Make a Homebuyer Wishlist
One of your first tasks as a homebuyer in the Wilmington and Newark area should be to sit down and make a wish list. Establish priorities for available homes— do you want a certain number of bedrooms, but would settle for less if the home had a finished basement? Things like this all add up in the bigger picture of the Wilmington real estate market. Credit.com suggests to "make a list of the ten most important criteria for a new home. Then divide your list items equally under two categories: "top priority" and "nice to have." After you've made this list, take it with you as you search for homes. Delaware homebuyers can oftentimes get distracted when house-hunting and it's helpful to refer back to the list.

Start Your Search, Two Places
Keeping your homebuyer wish list in mind, you can start searching for properties, narrowing down by price range. Homebuyers should start their home search online, but also in person as homebuying is an emotional process that requires buyers to experience a property for themselves. Once you've made a list of available homes that interest you, then go with your Realtor to view the property up close and personal. Refer back to your homebuyer wish list and take notes while you're inside the homes. You can then go back to see what you did and did not like about each property.

Consult Your Realtor
No matter what stage of the homebuying process you're in, it's always helpful to have a real estate agent on your side. Remember, they've done this before, numerous times. If you have questions, consider your Realtor your communication hub and sounding board— every question or concern can go through them. While you may have started your home search online, know that your real estate agent has an "in" per se, their finger on the pulse of the real estate market in your community. They're a great resource for finding Wilmington, Newark homes that may have just come on the market or will be going up for sale soon. And as always, "if you discover a listing you like, you can pass it along for your agent to evaluate," adds Credit.com. "It's important to develop this partnership!"

The KG Home Team is here to help at every stage of your homebuying journey in the Wilmington, DE area. Contact us today to get started and go over homes that may meet your wish list— summer is shaping up to be an exciting time in the market, so don't delay!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
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For a successful real estate transaction in Wilmington and Newark, it takes two— both a homebuyer and home seller. Homebuyers have recently been built up as more confident than ever in their ability to purchase a new home—taking the local real estate market by storm— but now, home sellers are joining in.Wilmington home sellers are now recognizing that the low mortgage rates and housing prices won't last forever and now is a great time to move!

According to Fannie Mae in their most recent National Housing Survey, "The share of respondents who believe now is a good time to sell a home increased for the third consecutive month to an all-time high of 42 percent, an encouraging sign since many potential homebuyers will need to sell a home before entering the purchase market."

It seems the market has seen an overall shift in attitude for home sellers, with one senior advisor stating consumer attitudes toward selling are now at the most favorable level they have seen in the survey's four-year history. 

So why the sudden shift now? Wilmington, DE home sellers do not see the benefit in waiting to purchase a home or waiting for market conditions to move next to perfect. Home prices and mortgage rates are projected to continue rising over the next year and sellers are ready to take advantage of the current levels. Sellers also acknowledge that they are more likely to attract a homebuyer and come out with a sales price they are happy with while these mortgage rates are still low.

The majority of home sellers are looking to jump on this exciting time for Delaware real estate as they expect home prices to stay relatively the same, if not rise, over the next year. The survey's participants found only 5 percent actually expect prices to drop over the next 12 months. This is great news for both parties, as Wilmington and Newark homebuyers don't want to buy a home that may be worth less down the road.

There may indeed be more benefits to selling a home in Wilmington now versus waiting out the market— so take note! If you're ready to start your home search and like many others, attract homebuyers to your property while mortgage rates are still low, contact the KG Home Team today! We can help you sell your current property and be onto the next to enjoy the summer!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
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More homebuyers will be looking to the Wilmington real estate market this spring and summer. As a home seller, you would do well to highlight your Delaware home's best features. In many cases, staging can make all the difference! Some popular features a Wilmington DE homebuyer looks for are the number of bedrooms and bathrooms, storage space, and updated appliance, but they will be looking to see themselves in the home. Your home's overall flow, neutrality and ability to help the buyer feel comfortable are important— and much of this can be achieved by you, the home seller, with home staging. Below are a few staging tips to help you attract more homebuyers to the property:

Update the Spaces
It doesn't take much money to update the rooms in your Wilmington and Newark homes. For instance, a new coat of paint and shiny, upgraded hardware can all be done in a weekend, but really give the spaces a fresh, welcoming feel. To begin, make a great first impression and give your front door a fresh coat of paint. This little detail can help the potential buyer feel invited inside and give them a sunny outlook on the home overall.

Let There Be Light
Bright, airy homes are a must for many homebuyers in today's real estate market. And as a seller, you can add this factor yourself in your homes in Newark and Wilmington DE with updated light fixtures. But if adding in new or additional lighting is not an option in your home, simply swapping out low wattage light bulbs for high wattage bulbs can bring up the lighting factor with little effort. If you notice that updated light fixtures is one area where your home is lacking, replacing these is a great investment and can add charm to your home.

Bathroom/Kitchen Updates
Do you find that your kitchen is one of the areas of your home you spend the most time in? Homebuyers will notice that too! These are two areas where you'll want to focus your staging. You don't need a complete remodel, but updating appliances and fixtures here can peak homebuyer interest. At the very least, replacing the caulk and grout in these rooms is always a nice idea.

Curb Appeal
Again, first impression are everything when it comes to Wilmington, DE real estate. Take some time to amp up your landscaping, clean up the yard, replace railings and old outdoor hardware, make sure windows are clean and functioning— overall, take note that your home looks inviting from outside. Many homebuyers will begin their search online and if your home shows well in photos, it can bring them to your door!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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Key Listing Stats: There are 2,235 homes on the market with the average sales price of $213,190. For the first quarter of 2014, there have been 939 closed home sales.

Key Listing Stats: As you can see in the graph above, the number of homes for sale, as well as the number of closed sales, have decreased slightly from the first quarter of 2013. 

The coming months will be a great time to look into buying a new home in Wilmington or Newark! Take a look at these stats to get a better idea about the current real estate market in our area. Want more information? Let the KG Home Team help you discover your real estate options and move closer to purchasing your next home— we even offer FREE first-time homebuyer seminars! 

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

Tax time has come and gone once again, but it will be back next year! If you're one of those people who hate paying taxes, you'll want to pay attention to the cities that offer the best "effective tax rate," or lowest amount taken for property taxes, sales tax, excise tax, and income tax. But before you pack your bags, consider this: Wilmington, Delaware is one of those cities! For those who despise paying taxes, here are just a few reasons Wilmington is the place for you:

Effective Tax Rate
Like I mentioned above, the effective tax rate is important to pay attention to for homeowners in a given city. And Delaware tops the list for most effective tax rate as this number for all of its citizens is under six percent! While it may be the second smallest state in the U.S., Delaware has no sales tax and boasts a relatively low cost of living for its residents.

Lots to Offer, Low Taxes
Wilmington could be characterized as one of those cities with the most bang for your buck. The largest city in the state, it has all of the charm of a small town and a deep history, offering residents quaint parks and gardens, but also all of the perks of a big city. Wilmington is rich in culture with attractions like the Playhouse, Grand Opera House, and Delaware Theater Company as well as many music festivals during the warmer months. What's more, the city offers all of this without the burden of a heavy tax rate.

Low Cost of Living
The low cost of living, compared to the state and U.S. as a whole, may be what drives many to build businesses and homes in Wilmington. For instance, "the median household income from 2008 to 2012 was $39,761," which is quite a bit lower than the state's $60,119," reported Credit Card Insider. "The nation's median income was $53,046, higher than Wilmington but lower than Delaware."

​Low Cost of Housing
Wilmington also has a low cost of housing— "the median value of owner-occupied housing was $179,300, which was lower than Delaware's $241,100 and the United States' median home value of $181,400," Credit Card Insider added.

Wilmington is a great place to live and its low taxes allow both residents and budding businesses to grow and succeed. Ready to call Wilmington your home too? Whether you're relocating or simply ready for a change, contact us today and we'll fill you in on the area's real estate market, plus how you can succeed in buying a home!

You can also learn more about the buying process at our FREE First Time Homebuyer Seminars! 

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
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Have you been dreaming of buying a home in Wilmington or Newark this year? Come visit us at the Homebuying Fair in Wilmington tomorrow! We'd love to chat about potential properties for sale in the local real estate market, financing your new home purchase, and answer any questions if you're a first-time homebuyer in the Wilmington area. Details on the Homebuyer Fair below:

2014 Homebuyer Fair
Saturday, April 5, 2014
8 AM to 4 PM
Chase Center on the Riverfront
815 Justison Street
Wilmington, DE 19801

There is no cost to attend this local real estate event and you can even enter to win prizes! The 2014 Homebuyer Fair is a great industry resource for those planning to buy Wilmington real estate this year, especially as it will feature many industry exhibitors and service providers. 

You can also expect:

• A live broadcast by TOM-FM throughout the day
• Refreshments served
• Free parking
• Door prizes
• Credit to earn towards your HUD Homebuyer Education Certificate requirements

Come on out to visit the Homebuyer Fair and chat with the Kat Geralis Home Team at Keller Williams. There will be seminars held throughout the day, presenting valuable information on finding your next home in the Wilmington area, options for financing and downpayment assistance, home inspections and so much more.

If you're ready to buy a home, we hope to see you there! Walk-ins are welcome.

We're here to help you with your homeowner goals! You can also learn more about the buying process at our FREE First Time Homebuyer Seminars! 

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter

It's officially spring and the Wilmington, DE real estate market is about to take off! Mortgage rates are rising, housing prices are increasing, homebuyers are noticing the local real estate market heating up in Wilmington and Newark. But if you've never purchased a home in Delaware, the task can seem a bit daunting. Don't worry! Whether you're ready to buy this season or next year, there are a few things that can help you prepare for your first-time homebuyer experience:

Determine Your Budget
Start your first-time homebuyer journey off on the right foot and speak to a lender or mortgage broker. Before you begin your home search for Wilmington real estate, you'll want to find out how much home you can afford. A lender or broker can help you determine your budget, which type of home loan fits your needs and also better assess your financial situation.

Find Where You Want to Live
One of the beginning steps in preparing to buy a new home in Wilmington is finding the right neighborhood. Start by taking a tour of the neighborhoods that peak your interest. You've heard the phrase "location, location, location," and when it comes to buying a new home, it could not be more true. After you find out where you'd ultimately like to live, you can narrow down homes in Wilmington and Newark. This can also help your real estate agent pick the best properties for you  and your needs.

Search for Homes Online
You have determined your budget and the neighborhood you'd like to live in, now you can begin your search for Wilmington real estate. Categorize homes by price, size, and location— you can use our home search tool to get started. "Early in the stages of looking for a home, online is a great place to start. You get a good general sense," one real estate insider advised. Although, when you have questions and concerns, always run them past your real estate agent. The internet does not always have the right information for your particular area.

Partner with a Great Agent
As your Wilmington real estate team, we can help you find the best neighborhood and homes for you, as well as help with mortgage tips, especially for first-time buyers. When you choose the Kat Geralis Home Team at Keller Williams, you are putting yourself in great hands whether this is your first or fifth time buying (or selling!) a home.

We're here to help you with your homeowner goals! You can also learn more about the buying process at our FREE First Time Homebuyer Seminars! 

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter

In Newark and Wilmington, DE real estate, spring is characteristically a busy buying season and this year, it seems home sellers are already getting a head start. Now is the time sellers have actually begun preparing for the infusion of buyers into the local real estate market. Growing increasingly confident in how fast their homes will be able to sell, many of them are listing their Wilmington homes now. 

As you may have noticed, housing prices for Wilmington and Newark homes are on the uptick, mortgage rates are continuing to rise, and more homeowners are regaining positive equity in their homes— a few of these all new to homebuyers for 2014. Given these factors, many sellers are ready to take advantage of the current state of the market and are listing their properties now to prompt homebuyers to strike before spring.  

But why the big push right now, many Wilmington homebuyers may wonder? According to one real estate expert, sellers are "nervous about what the spring is going to bring," the expert told Realtor.com. In fact, "they don't know if everybody will list this spring— then you’ll have a big counterbalance toward too much inventory — or if there’ll be a crunch again. They figure they’ll get out ahead of the market, list, sell, and be done with it.”  

Real estate economists and outlets are also predicting that with the increasing number of home sellers listing properties right now, the shortage of homes is on its way out. Last year's market was notorious for a lack of homes for sale in Wilmington and Newark, but now insiders suggest the current rising home prices will encourage more to sell and bring more homes into the market.  

In fact, "in the last four months of 2013, year-over-year inventory levels of homes for sale began to climb after 30 straight months of declines," reported the National Association of Realtors.

Wilmington and Newark DE homebuyers will want to take advantage of the added inventory they may notice in the area before mortgage rates and housing prices rise even further. And despite a waning enthusiasm for real estate over the past year, both sides— Delaware homebuyer and home seller— have now seen a confidence boost.  

“In some markets, prices may rise further and buyers will want to catch it, before the increases put them out of their budget," Realtor's chief economist told Bloomberg.  

Ready to list your home this spring? Prepared to make a move to a new Wilmington home before the busy spring and summer seasons? Contact us today to reap the homebuyer (and seller!) benefits at this time!

New to the real estate market? No problem! You can also learn more about the buying process at our FREE First Time Homebuyer Seminars! 

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter